Carnival Corporation (CCL) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Carnival Corporation

NYSE•Consumer Cyclical•Travel Services

$21.94-0.23(-0.01%)Market open

Market Cap

$30.32B

P/E

9.9x

P/S

1.1x

P/B

2.3x

Carnival Corporation Ltd., a cruise company, provides leisure travel services. The company operates through four segments: North America Cruise Operations, Europe Cruise Operations, Cruise Support, and Tour and Other. It operates port destinations and islands, as well as owns and operates hotels, lodges, glass-domed railcars, and motorcoaches. The company offers its services under the AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises, and Seabourn brands. It sells its cruises through travel agents, tour operators, vacation planners, websites, and onboard future cruise consultants. Carnival Corporation Ltd. was founded in 1972 and is headquartered in Miami, Florida.

How this company scores

GoodMetricSide Score: 78/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (14/25).

Profitability25/25

Growth18/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality21/25

Strengths

Strong marginsHigh ROERising earningsConsistent free cash flow

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 9.9x5y range 9.9x – 48.3x

Currently below its 10-quarter median.

P/S · 1.1x5y range 0.0x – 240.4x

Currently near its 20-quarter median.

P/B · 2.3x5y range 0.0x – 3.6x

Currently near its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Share Dilution

Red Flag

Shares outstanding increased 9.1% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $30.32B

Metrics at a Glance

as of May 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $27.31B
Q. Revenue: $6.66B
TTM EBITDA: $7.33B
TTM Op. Income: $4.46B
Q. Op. Income: $851.00M
TTM Net Income: $3.07B
Q. Net Income: $537.00M
EPS: $0.39
Shares Out.: $1.38B

$27.31B in TTM revenue grew 5.2% YoY, reaching $6.66B last quarter. TTM EBITDA of $7.33B and TTM operating income of $4.46B show growth is flowing through to the bottom line. TTM net income of $3.07B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 23.6%
Op. Margin: 12.8%
Net Margin: 8.1%

Op. margin of 12.8% is down 2.0% YoY — costs are rising relative to revenue. Net margin at 8.1% Over the past year, operating margin is down 13% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 9.9x
P/S Ratio: 1.1x
P/B Ratio: 2.3x

At 9.9x P/E, the stock trades below typical market levels. P/S of 1.1x and P/B of 2.3x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is down 18% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $52.23B
Cash: $2.24B
Long-Term Debt: $23.42B
Book Value: $12.97B
D/E Ratio: 1.8
Debt/EBITDA: 14.9

With $52.23B in assets and $23.42B in long-term debt, D/E is 1.8and book value is $12.97B — moderate leverage. Across the last 8 quarters, debt/equity has fallen for 7 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $2.63B
TTM Free Cash Flow: $3.20B
FCF Margin: 11.7%
FCF / Net Income: 1.0

TTM FCF of $3.20B on $2.63B in operating cash flow. The FCF / Net Income ratio of 1.0x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.